Invest KOREA

KOTRA provided the first training to improve capacity for investment facilitation implementation in Kazakhstan on Oct 4-5.
Support the improvement of the global investment environment by enhancing transparency in the operation of the foreign investment attraction system

KOTRA launched a 'cooperative capacity building program to implement the WTO Investment Facilitation for Development (IFD) Agreement at the Astana Sheraton Hotel in Kazakhstan on October 4-5.

The program will be implemented in accordance with the IFD Agreement, which was issued by WTO members in July this year to improve the investment environment of member countries by enhancing transparency in investment-related measures and streamlining administrative procedures. KOTRA took this training as an opportunity to share Korea's relevant experiences and know-how with Kazakhstan.

As a co-chair country of negotiations in the process of adopting the agreement, the negotiation team led by the Ministry of Trade, Industry and Energy (Minister Bang, Moon Kyu) played a major role in reaching on the agreement aimed at improving the investment climate of member countries. In particular, Korea's foreign investment-related system was mentioned as a model case during the negotiation process..

KOTRA, serving as a gateway for foreign investment-related tasks of the MOTIE according to the Foreign Investment Promotion Act, conducted its first pilot project of capacity building program in Astana, Kazakhstan, tapping into its accumulated practical experience. A delegation composed of foreign investment experts within KOTRA educated officials from local government ministries, including the Kazakh Invest and Kazakh Investment Commission, about our systems and cases including information provision on investors and prompt administrative procedures.

* Program includes: (1) Korea's foreign investment attraction system and structure, (2) Introduction of services provided by Invest Korea, (3) Foreign investors' grievance resolution system, (4) Practical process of investment administration, (5) Information provision service for foreign investment , etc

Lee Kyung-sik, head of the KOTRA's Administrative Support Center for Foreign Investment·Reshoring, said, "As Korea's foreign investment system has been a model case for WTO participating companies who want to actively attract foreign investment, we need to actively share the contents of our system and its application cases, thereby supporting the improvement of the global investment climate" adding, "this support for capacity-building will work towards improving the transparency in operating the investment attraction system, eventually helping to resolve obstacles that Korean companies face in the process of investment implementation, such as unreasonable procedures."



Source : KOTRA (Oct.5, 2023)